Fooling the Market? Municipal Yields and Unfunded State Pension Liabilities
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Brown, Jeffrey R. & Pennacchi, George G., 2016.
"Discounting pension liabilities: funding versus value,"
Journal of Pension Economics and Finance, Cambridge University Press, vol. 15(3), pages 254-284, July.
- Jeffrey R. Brown & George Pennacchi, 2015. "Discounting Pension Liabilities: Funding versus Value," NBER Chapters, in: The Impact of Reforms of State Retirement Plans, pages 254-284, National Bureau of Economic Research, Inc.
- Jeffrey R. Brown & George G. Pennacchi, 2015. "Discounting Pension Liabilities: Funding versus Value," NBER Working Papers 21276, National Bureau of Economic Research, Inc.
- Ardagna Silvia & Caselli Francesco & Lane Timothy, 2007.
"Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries,"
The B.E. Journal of Macroeconomics, De Gruyter, vol. 7(1), pages 1-35, August.
- Silvia Ardagna & Francesco Caselli & Timothy Lane, 2004. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," NBER Working Papers 10788, National Bureau of Economic Research, Inc.
- Silvia Ardagna & Francesco Caselli & Timothy Lane, 2005. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," CEP Discussion Papers dp0670, Centre for Economic Performance, LSE.
- Ardagna, Silvia & Lane, Timothy & Caselli, Francesco, 2007. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," Scholarly Articles 2579739, Harvard University Department of Economics.
- Lane, Timothy & Caselli, Francesco & Ardagna, Silvia, 2004. "Fiscal Discipline and the Cost of Public Debt Service: Some Estimates for OECD Countries," CEPR Discussion Papers 4661, C.E.P.R. Discussion Papers.
- Thomas Laubach, 2009.
"New Evidence on the Interest Rate Effects of Budget Deficits and Debt,"
Journal of the European Economic Association, MIT Press, vol. 7(4), pages 858-885, June.
- Thomas Laubach, 2003. "New evidence on the interest rate effects of budget deficits and debt," Finance and Economics Discussion Series 2003-12, Board of Governors of the Federal Reserve System (U.S.).
- Hastie, K. Larry, 1972. "Determinants of Municipal Bond Yields," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 7(3), pages 1729-1748, June.
- Mr. Manmohan S. Kumar & Mr. Emanuele Baldacci, 2010. "Fiscal Deficits, Public Debt, and Sovereign Bond Yields," IMF Working Papers 2010/184, International Monetary Fund.
- Eduard Ponds & Clara Severinson & Juan Yermo, 2011.
"Funding in Public Sector Pension Plans - International Evidence,"
NBER Working Papers
17082, National Bureau of Economic Research, Inc.
- Eduard Ponds & Clara Severinson & Juan Yermo, 2011. "Funding in Public Sector Pension Plans: International Evidence," OECD Working Papers on Finance, Insurance and Private Pensions 8, OECD Publishing.
- Reck, Jacqueline L. & Wilson, Earl R., 2006. "Information transparency and pricing in the municipal bond secondary market," Journal of Accounting and Public Policy, Elsevier, vol. 25(1), pages 1-31.
- Alicia H. Munnell & Laura Quinby, 2012. "Legal Constraints on Changes in State and Local Pensions," State and Local Pension Plans Briefs ibslp25, Center for Retirement Research, revised Aug 2012.
- Bohn, Henning & Inman, Robert P., 1996.
"Balanced-budget rules and public deficits: evidence from the U.S. states,"
Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 45(1), pages 13-76, December.
- Henning Bohn & Robert P. Inman, 1996. "Balanced Budget Rules and Public Deficits: Evidence from the U.S. States," NBER Working Papers 5533, National Bureau of Economic Research, Inc.
- Alicia H. Munnell & Laura Quinby, 2012. "Legal Constraints on Changes in State and Local Pensions," Issues in Brief ibslp25, Center for Retirement Research, revised Aug 2012.
- Robert Novy-Marx & Joshua D. Rauh, 2009. "The Liabilities and Risks of State-Sponsored Pension Plans," Journal of Economic Perspectives, American Economic Association, vol. 23(4), pages 191-210, Fall.
- Ari Aisen & David Hauner, 2013.
"Budget deficits and interest rates: a fresh perspective,"
Applied Economics, Taylor & Francis Journals, vol. 45(17), pages 2501-2510, June.
- Mr. Ari Aisen & Mr. David Hauner, 2008. "Budget Deficits and Interest Rates: A Fresh Perspective," IMF Working Papers 2008/042, International Monetary Fund.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Lekniūtė, Zina & Beetsma, Roel & Ponds, Eduard, 2019.
"U.S. municipal yields and unfunded state pension liabilities,"
Journal of Empirical Finance, Elsevier, vol. 53(C), pages 15-32.
- Beetsma, Roel & Lekniute, Zina & Ponds, Eduard, 2017. "U.S. municipal yields and unfunded state pension liabilities," CEPR Discussion Papers 11998, C.E.P.R. Discussion Papers.
- Lekniute, Z. & Beetsma, R.M.W.J. & Ponds, Eduard, 2017. "U.S. Municipal Yields and Unfunded State Pension Liabilities," Other publications TiSEM 8d75122f-0eb8-4517-af54-8, Tilburg University, School of Economics and Management.
- Malešević Perović, Lena, 2015. "The impact of fiscal positions on government bond yields in CEE countries," Economic Systems, Elsevier, vol. 39(2), pages 301-316.
- Jemima Peppel-Srebrny, 2018. "Government borrowing cost and balance sheets: do assets matter?," Economics Series Working Papers 860, University of Oxford, Department of Economics.
- Claeys, Peter & Moreno, Rosina & Suriñach, Jordi, 2012. "Debt, interest rates, and integration of financial markets," Economic Modelling, Elsevier, vol. 29(1), pages 48-59.
- Lena Malešević-Perović, 2016. "Government Debt-Interest Rate Nexus in G7 Countries over a Long Horizon," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 63(5), pages 603-625, December.
- Suvra Prokash Mondal & Biswajit Maitra, 2022. "Deficits, Debt and Interest Rates in Sri Lanka: Does the Spillover of Foreign Interest Rates Matter?," Margin: The Journal of Applied Economic Research, National Council of Applied Economic Research, vol. 16(1), pages 28-48, February.
- Caporale, Guglielmo Maria & Girardi, Alessandro, 2013.
"Fiscal spillovers in the Euro area,"
Journal of International Money and Finance, Elsevier, vol. 38(C), pages 84.1-84.16.
- Guglielmo Maria Caporale & Alessandro Girardi, 2011. "Fiscal Spillovers in the Euro Area," CESifo Working Paper Series 3693, CESifo.
- Guglielmo Maria Caporale & Alessandro Girardi, 2013. "Fiscal Spillovers in the Euro Area," Working Papers LuissLab 13109, Dipartimento di Economia e Finanza, LUISS Guido Carli.
- Guglielmo Maria Caporale & Alessandro Girardi, 2011. "Fiscal Spillovers in the Euro Area," Discussion Papers of DIW Berlin 1164, DIW Berlin, German Institute for Economic Research.
- Eduardo López E. & Víctor Riquelme P. & Ercio Muñoz S., 2011. "Long – Term Interest Rate and Fiscal Policy," Working Papers Central Bank of Chile 633, Central Bank of Chile.
- Peppel-Srebrny, Jemima, 2021.
"Not all government budget deficits are created equal: Evidence from advanced economies' sovereign bond markets,"
Journal of International Money and Finance, Elsevier, vol. 118(C).
- Jemima Peppel-Srebrny, 2020. "Government borrowing cost and budget deficits: is investment spending different?," Economics Series Working Papers 827, University of Oxford, Department of Economics.
- Tanweer Akram & Anupam Das, 2020. "Australian Government Bonds’ Nominal Yields: A Keynesian Perspective," Annals of Financial Economics (AFE), World Scientific Publishing Co. Pte. Ltd., vol. 15(01), pages 1-20, March.
- Giancarlo Corsetti & Keith Kuester & André Meier & Gernot J. Müller, 2013.
"Sovereign Risk, Fiscal Policy, and Macroeconomic Stability,"
Economic Journal, Royal Economic Society, vol. 0, pages 99-132, February.
- Corsetti, Giancarlo & Müller, Gernot & Kuester, Keith & Meier, André, 2012. "Sovereign Risk, Fiscal Policy, and Macroeconomic Stability," CEPR Discussion Papers 8779, C.E.P.R. Discussion Papers.
- Mr. Keith Kuester & Mr. Gernot J. Mueller & Giancarlo Corsetti & Mr. Andre Meier, 2012. "Sovereign Risk, Fiscal Policy, and Macroeconomic Stability," IMF Working Papers 2012/033, International Monetary Fund.
- Adi Brender & Sigal Ribon, 2015. "The Effect of Fiscal and Monetary Policies and the Global Economy on Real Yields of Israel Government Bonds," Bank of Israel Working Papers 2015.02, Bank of Israel.
- Elif Sen, 2016. "Regional Spotlight: Pension Gap Perils," Economic Insights, Federal Reserve Bank of Philadelphia, vol. 1(2), pages 15-19, April.
- Afonso, António & Martins, Manuel M.F., 2012.
"Level, slope, curvature of the sovereign yield curve, and fiscal behaviour,"
Journal of Banking & Finance, Elsevier, vol. 36(6), pages 1789-1807.
- Martins, Manuel M.F. & Afonso, António, 2010. "Level, slope, curvature of the sovereign yield curve, and fiscal behaviour," Working Paper Series 1276, European Central Bank.
- António Afonso & Manuel M. F. Martins, 2010. "Level, Slope, Curvature of Sovereign Yield Curve and Fiscal Behaviour," Working Papers Department of Economics 2010/23, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
- Guillaume Belly & Lukas Boeckelmann & Carlos Mateo Caicedo Graciano & Alberto Di Iorio & Klodiana Istrefi & Vasileios Siakoulis & Arthur Stalla‐Bourdillon, 2023.
"Forecasting sovereign risk in the Euro area via machine learning,"
Journal of Forecasting, John Wiley & Sons, Ltd., vol. 42(3), pages 657-684, April.
- Guillaume Belly & Lukas Boeckelmann & Carlos Mateo Caicedo Graciano & Alberto Di Iorio & Klodiana Istrefi & Vasileios Siakoulis & Arthur Stalla-Bourdillon, 2023. "Forecasting sovereign risk in the Euro area via machine learning," Post-Print hal-04459577, HAL.
- Giuseppe Grande & Sergio Masciantonio & Andrea Tiseno, 2014. "The interest-rate sensitivity of the demand for sovereign debt. Evidence from OECD countries (1995-2011)," Temi di discussione (Economic working papers) 988, Bank of Italy, Economic Research and International Relations Area.
- Metodij Hadzi‐Vaskov & Luca Antonio Ricci, 2022.
"Does Gross or Net Debt Matter More for Emerging Market Spreads?,"
Journal of Money, Credit and Banking, Blackwell Publishing, vol. 54(6), pages 1777-1802, September.
- Metodij Hadzi-Vaskov & Mr. Luca A Ricci, 2016. "Does Gross or Net Debt Matter More for Emerging Market Spreads?," IMF Working Papers 2016/246, International Monetary Fund.
- Afonso, António & Nunes, Ana Sofia, 2015.
"Economic forecasts and sovereign yields,"
Economic Modelling, Elsevier, vol. 44(C), pages 319-326.
- António Afonso & Ana Sofia Nunes, 2013. "Economic forecasts and sovereign yields," Working Papers Department of Economics 2013/02, ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa.
- Roel Beetsma & Massimo Giuliodori & Ieva Sakalauskaite, 2017.
"Long-term Interest Rates and Public Debt Maturity,"
Economica, London School of Economics and Political Science, vol. 84(335), pages 541-558, July.
- Ieva Sakalauskaite & Roel Beetsma & Massimo Giuliodori, 2013. "Long-Term Interest Rates and Public Debt Maturity," CESifo Working Paper Series 4408, CESifo.
- Nasir, Muhammad Ali & Le, Thi Ngoc Lan & Ghabri, Yosra & Huynh, Luu Duc Toan, 2023. "Sovereign bonds and flight to safety: Implications of the COVID-19 crisis for sovereign debt markets in the G-7 and E-7 economies," International Review of Financial Analysis, Elsevier, vol. 86(C).
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tiu:tiutis:591eb14d-c598-4297-a775-72773628374f. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Richard Broekman (email available below). General contact details of provider: https://www.tilburguniversity.edu/about/schools/economics-and-management/ .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.